The IFA has stepped up for our nation’s veterans with Operation Enduring Opportunity, a campaign to offer franchise career opportunities and ownership.
If you’re leaning towards becoming your own boss, owning a franchise business is one option that you may find pretty attractive. Here are two reasons why;
• Your military background
You’re uniquely suited to run a franchise operation, (more than most people) because of how you’ve been trained. You were encouraged, (to put it mildly) to follow numerous rules and regulations the moment you entered boot camp. Everything was laid out for you in black and white; there was no wiggle room.
• Leadership training
You’re not simply trained to respond to commands. You’ve also been trained to recognize the talents in others… in your team, and to develop those talents in order to succeed in your missions. This is a critical need in any business today that requires employees, like a franchise.
Here are 5 things you need to do before you embark on owning a franchise
1. Decide that you want to be the boss
This may sound pretty obvious, but it’s really important for you to decide between working for someone else, or working for yourself.
Are you ready to tackle all of the things that go into owning your own business? Or, would you be more comfortable having someone else take the financial risks required to invest in a business, along with the added responsibilities that all small business owners have to assume.
2. Make sure you have support
By support, I’m referring to your family, and/or friends.
Starting a business is stress-filled. (Mostly the self-induced type of stress.) You’re going to need to have a supportive team rooting for you as you begin this rewarding journey. Make sure that the people surrounding you (at home) can be patient; the financial rewards may not happen as quickly as they want. Business ownership is a long-term play.
3. Be methodical in your approach
If you’ve made the decision, (pretty much) to become a franchise owner, will you commit to learning all you can about the franchise model? Will you take the time to do some self-analysis in order to determine what skillsets you have that can be used to maximum advantage in a franchise of your own?
For example, if you consider yourself to be skilled at problem-solving and all things technical, what types of franchise opportunities could allow you to use those skills in your pursuit of business success? Make sure that you can use the talents you have that you feel are best-in-class in whatever franchise you choose.
4. Make sure that you’re financially able to do it
Unless you’ve come back from Iraq, Afghanistan, or any other foreign country flush with cash, you’re going to need a small business loan for your franchise business. Of course, you’ll need to have some skin of your own in the game as part of the total investment, too. The amount that you’ll need to come up with depends on several factors, but make sure that you figure how out how much you’ll be able to write a check for towards your franchise well in advance of the time that you make a formal loan application.
One more thing; don’t forget that you’ll need money to live on during the start-up phase of your new business. I’m always amazed by the number of new franchisees that forget to stash money for personal expenses.
5. Assemble a team
Larry Broughton, a former Green Beret, and co-author of “Victory; 7 Entrepreneur Success Strategies for Veterans,” cautions future small business owners not to become what he calls, “Lone Wolves.”
From the book;
“Every world-class athlete, entertainer, and entrepreneur has coaches and mentors. How many true top performers are you aware of that reached the pinnacle of success as a Lone Wolf?”
You don’t have to try to figure this all out on your own. Seek out people that can serve as sounding boards for you, as you start your journey towards franchise business ownership. Talk with current franchisees, so you can find out what it’s really like to be the owner of a franchise.
You can do this. You’ve done much harder things in your life.
(The Franchise King®, Joel Libava, is a franchise ownership advisor and the author of, “Become a Franchise Owner! The Start-Up Guide to Lowering Risk, Making Money, And Owning What You Do.”)
The franchise business model itself usually makes immediate sense to a military veteran, because it consists of several very familiar things. (Like training, rule-following, and more)
While franchise ownership isn’t for everyone, it does have some very attractive things built right in.
Guest post from The Franchise King®, Joel Libava. For more information click here.